Bitcoin Bottom Not In , BTC Price Can see Max Pain in December-January
The worst-than-expected CPI data has caused Bitcoin to experience massive volatility on 13 October. Several prominent crypto strategists and analysts have already predicted the future prices of Bitcoin.
At the same time, some analysts predict a bullish note as Bitcoin can see a short-term bullish rally again. Toni Ghinea, a famous crypto analyst, now indicates that Bitcoin is ready to initiate a mini-bull run before bottoming by the end of 2022.
Bitcoin Is Under Bull Trap!
Bitcoin has been continuously trading in a consolidated zone near the $19K price level, and it may soon form a short-term bullish momentum, predicted by a crypto analyst.
Toni Ghinea, a significant crypto strategist, who predicted that Bitcoin would drop below $10K by the beginning of Q1 of 2023, now forecasts that the crypto king is poised for an upward jump before initiating a downtrend in the price chart.
According to his recent tweet, Bitcoin is forming a falling triangle pattern, which indicates a resistance level at a price range of $22K-$24K. Bitcoin is projected to reach this price range by the end of October before starting its bearish journey.
The analyst further predicts that this bullish trend may be short-lived as BTC price is expected to drop significantly to a price zone of $14K-$16K by the end of December.
$BTC / $USDNew lows are just a matter of time.Bottom comes in 2023. — Toni Ghinea (@ToniGhinea) October 13, 2022
Toni predicts that BTC may have a considerable price recovery by the beginning of 2023 as it can touch a maximum price level between $28K to $30K.
For June 2023, Toni further predicts that Bitcoin may again have a significant price drop, touching the bottom line between a price range of $10K to $12K.
However, he looks bullish for the rest of 2023 as BTC can have a smooth bull run which will stretch to 2024, hitting a trading price of $26.5K.
What Is Bitcoin’s Technical Analysis Saying?
Bitcoin investors may get relief as Bitcoin is showing a short-term bullish momentum. According to CoinMarketCap, Bitcoin is currently trading at $19,136 with a downtrend of nearly 1%. However, the candles on the Bitcoin price chart may soon turn green as it can attempt to break the price level of $20K.
EMA-50 is currently at $19.8K, acting as an immediate resistance level for Bitcoin. If BTC successfully breaks this level and holds its price above it, it can soon make an upward target of $22K.
SMA-14 line trades near 47-level, hinting a stable price momentum for now. However, the MACD line is approaching its trend line, which shows that Bitcoin may soon have a breakout to the upper side.
Conversely, the Bollinger band’s lower limit is at $18K. If the bullish analysis fails, Bitcoin price can drop below $17.5K and may continue to plunge until December.
The RSI-14 indicator is not impressive as it continuously declined and reached 44-level. If Bitcoin comes over any negative news, its price may have a sharp fall and get to the predicted $10K level in no time.Source